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| Life Insurance |
| Your Gift Will Help IIT Bombay Become World-Class |
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The newly remodeled P.C. Saxena Auditorium was made possible by a generous grant from Parag Saxena (B.Tech. ’77).
Under U.S. tax laws, making gifts to the IIT Bombay Heritage Fund (IITBHF), which is a qualifying non-profit
charitable organization, can be an excellent strategy in your financial planning and will help IIT become a
world-class institute of science and technology. In many instances, giving a portion of your assets to IITBHF
will provide you, your spouse and your heirs more to spend during life, while furthering the goals you share
with other IIT Bombay alumni by using dollars to help the students and faculty of IIT that you would otherwise
pay in income and estate taxes. |
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| An excellent low-cost high-value gift in support of IIT |
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GIFTS OF LIFE INSURANCE- Giving life insurance can add flexibility to your estate planning,
especially if you purchased the insurance for a reason that has become obsolete.
You can name IITBHF your beneficiary, co-beneficiary, secondary beneficiary or
remainder beneficiary upon your death.
You can assign annual dividends to IITBHF and deduct the dividends as gifts on your tax form.
You can give your paid-up policy to IITBHF and deduct an amount equal to up to 50% of your
adjusted gross income (any surplus can be spread over the next five years).
You even can give a policy on which you are still paying premiums (by naming IITBHF the irrevocable owner
and beneficiary, you may deduct each premium as a charitable gift and the value of the policy, usually
equal to the cash surrender value when you made the donation).
Another way is to buy a policy and name IITBHF the beneficiary. This gives you an annual deduction
(the price of the premiums) and gives IITBHF a large sum at your death, which would then be used for
education purposes at IIT Bombay.
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| Remember,
no gift to IIT is too large or too small |
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The purpose of the information contained herein is intended to provide general information to inform IIT
alumni of the many benefits of giving to IIT Bombay through the IIT Bombay Heritage Fund.
The IITBHF is not engaged in rendering legal or tax advisory services.
For such advice and assistance, you must use the services of an attorney or other professional advisor.
Watch for changes in tax laws. State laws govern wills, trusts and charitable gifts made in contractual agreements.
Advice from legal counsel should be sought when considering contracts.
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©
1996-2004 IIT Bombay Heritage Fund. |
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